Have a Tax Question? Ask a Tax Expert
That investment income will NOT affect your social security benefits.Only earned income (wages or self-employment income ) may affect your social security benefits and only if you are below the full retirement age.
However - because in that year your income will increase that might affect HOW your social security are taxed.
A simple test is as following
- take a half of social security benefits
- PLUS other taxable income
- if the total is less than $25000 (for singles) or $32,000 (for married couples filing jointly) - none of social security benefits would be taxable
- if the total is more than the threshold - we would need to use a special worksheet to determine the taxable portion..
I will help to estimate possible tax liability.for that we need a full list of you income filing status and deductions.
We may chat or have a phone conversation if needed.